Former 888 cofounder heirs sell half of company shares

[The Buzz]

According to a report on Globes, an Israeli business news outlet, the family of the late Aharon Shaked, one of the founders of 888 Holding, has sold a large proportion of their chips for cash, one year after the family of Ben-Yitzhak did the same thing.

The two sales are related . . . Two families founded 888: Shay and Ron Ben-Yitzhak, who brought the technological expertise; and brothers Avi and Aharon Shaked, who had deep pockets and business experience. As a result, the Ben-Yitzhak family had a 23% stake at the time of the IPO, and the Shaked family owned 34% of the capital. During the almost 12 years since then, the Ben-Yitzhak family sold its shares in stages, virtually liquidating its holdings in the company a year ago. The family thereby accumulated NIS 1 billion, including gross pre-tax dividends. Aharon Shaked died in early 2010, leaving his assets to his widow, Haya, and his two children: his son, Ohad, and his daughter, Tal.

In contrast to the Ben-Yitzhak family, the Shaked family did not sell a single 888 share, until last week, when the heirs sold 40 million shares at £2.70 a share, garnering £108 million ($140 million, NIS 500 million). The Shaked family thereby sold half of its holdings in 888, leaving it with a 12.9% stake. The Avi Shaked branch of the family owns 24.1%.

Read more here: http://www.globes.co.il/en/article-a...ake-1001190972

[stillshadow]

Lots of smoke at 888 these days...